Mizrahi Tefahot Bank (TASE:MZTF), headed by Eldad Fresher, released its second quarter financials this morning. Both revenue and profit rose in comparison with the corresponding quarter of 2018. The bank made an annualized return on equity in the quarter of 15.8%.
The bank will distribute a dividend of NIS 392 million on its profits for the first half of 2019, after having ceased to pay dividends since the first quarter of 2018 because of investigations of the bank by the authorities in the US.
Quarterly revenue rose 9.6% from NIS 1.84 billion in the second quarter of 2018 to NIS 2.02 billion in the second quarter of 2019. Financing income in the second quarter of 2019 grew 10.7% in comparison with the second quarter of 2018 to NIS 1.6 billion.
Mizrahi Tefahot posted a net profit of NIS 576 million for the second quarter of 2019, which compares with NIS 207 million in the corresponding quarter. Excluding provisions for the investigation in the US, net profit in the corresponding quarter was NIS 472 million, giving a 20% rise in the second quarter of this year.
Credit to the public at the end of the second quarter was NIS 13.7 billion higher than at the end of the second quarter of 2018, and for the first time surpassed NIS 200 billion.
Deposits from the public rose by 8.1% in comparison with the end of the second quarter of 2018; the balance sheet footing grew by 7.1%; and shareholders' equity rose 12.5%, up by over NIS 1.7 billion.
Published by Globes, Israel business news - en.globes.co.il - on August 12, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019